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'Just because I own a $3.3m New York apartment doesn't mean that I'm rich'

The boss of an $8 million-a-year banking business told a High Court judge “Yes I own a $3.3 million New York apartment — it doesn’t mean I’m rich.”

The spending power of former City trader, Yan Assoun, 43, was described by a family judge three months ago as “beyond the wildest dreams” of his estranged wife.

But with his bitter divorce battle now in the Appeal Court he insisted “I don’t have any money”.

Mr Assoun said he has enormous debts and denied he was “rich” — despite admitting that the company in which he is majority shareholder turned over $8 million (£4.9 million) last year, and confirming that he lives in a $3.3 million (£2.04 million) Broadway apartment.

Mr Assoun and his wife Anais Assoun, 44, met and married in London while he worked in the City for BNP Paribas and Credit Suisse.

They raised their children Graysha, now a model, and Kai here before splitting in 2007 and settling in different parts of the US in 2009.

However, Mrs Assoun, a fashion writer who owns a ranch in Texas, and her ex-husband turned to the English courts to decide how the family wealth should be divided.

In 2011 Mrs Assoun was awarded $1.1 million (£680,000) worth of assets and her ex-husband was ordered to pay her $180,000-a-year in maintenance, plus $50,000-a-year to pay for their children’s education

In July Judge Glenn Brasse ordered that Mr Assoun pay £235,000 towards his “well educated” wife’s legal costs bills in the run up to that hearing.

Judge Brasse, sitting at the Clerkenwell and Shoreditch county court in July, awarded the payment towards the wife’s costs, after ruling on a dispute between the former spouses over the amount of personal wealth each of them controls.

Mr Assoun is now appealing and asking Lord Justice Moses to overturn that order, telling him: “My recent income has dropped considerably - I don’t have any money.”

The banker, representing himself, told the Appeal Court: “Judge Brasse ordered me to pay large sums in legal fees to my wife... (he was) wrong to make such an order”.

Of his multi-million dollar business he added: “Speculation that a turnover of $8 million would automatically translate to a large income for myself, because I own 50 per cent of the company, is just wrong.

“He is making a mistake... I am currently acting in person because my recent income has dropped considerably. I can no longer afford a solicitor...what is in the past is almost irrelevant.”

Insisting that the £235,000 costs payment was effectively an “increase in maintenance” for his ex-wife, he concluded: “The point is, I don’t have this money.”

“It is far above my income. I don’t have any capacity for borrowing. I already have a huge amount of debt. I don’t have any money.”

Lord Justice Moses, however, said, “The judge didn’t believe that and thought you were much better off. The Court of Appeal cannot disturb the findings as to who is believed and who is not”.

Lord Justice Moses went on: “You are the majority shareholder and you set the company up.

“When the judge says you have an apartment in Manhatten worth $3.3 million, and a company with a recent turnover of $8 million, he is saying that the company could afford to pay you more. He is saying you could afford to pay yourself more.”

Refusing permission to appeal, he added: “The judge in my view was entitled to take the view that Mr Assoun...was prosperous and would have sufficient finances to provide not only for his own, but also for his wife’s, legal expenses.”

Mrs Assoun did not attend the Appeal Court hearing and was not represented.